MetaMask Staking launches, plugging into Lido and Rocket Pool liquid staking

Published at: Jan. 13, 2023

MetaMask users are set to have access to Ethereum liquid staking providers Lido and Rocket Pool courtesy of a new integration unveiled by ConsenSys. 

MetaMask Staking will unlock the ability for users to stake Ether (ETH) through the Lido and Rocket Pool protocols, touting the service to improve the security and decentralization of the Ethereum blockchain.

Users will be able to compare reward rates, network control and popularity of different liquid staking providers, providing additional information to inform staking solution choices. The service begins with a public beta through the MetaMask portfolio decentralized application (DApp).

Users will be able to stake through Lido and Rocket Pool and view Lido (stETH) and Rocket Pool (rETH) staking token balances. These tokens can also be swapped back to ETH through MetaMask Swaps.

Liquid staking is a method of staking assets on the Ethereum blockchain that allows users to earn rewards while maintaining the ability to freely transfer and trade their assets. The assets are deposited in a smart contract, earning rewards based on the total amount staked by all users.

MetaMask product manager Abad Mian told Cointelegraph that the service saw increased user demand for staking solutions following Ethereum’s transition to proof-of-stake consensus in September 2022.

“From an internal survey, 85% of respondents said they like to review several options before deciding where to stake their assets. In addition, over 74% of respondents stated that they are staking or interested in staking.”

Mian also confirmed that MetaMask will explore the potential of offering additional liquid staking providers. He also clarified that MetaMask was not providing staking services directly but connecting users to Ethereum’s major liquid staking providers through smart contract functionality.

Cointelegraph also enquired about the possibility of staking services being rolled out to MetaMask Institutional, the platform’s offering serving institutional clients. While Mian declined to comment specifically, he noted that MetaMask continues to evaluate its offerings across its range of services.

Mian also said that the impact of staking tools on Ethereum’s decentralization would depend on their popularity, user experience, and demand for staking services.

“Staking is just one factor that can impact decentralization in a blockchain network.”

Blockchain analysis carried out by Nansen in December 2022 revealed that demand for liquid Ethereum staking services was on the rise following The Merge. As of Jan. 13, the Ethereum staking contract contains over 16 million ETH, with Lido’s liquid staking pool the largest contributor with over 4.6 million ETH deposited.

Tags
Ethereum
Defi
Consensys
Ethereum 2.0
Metamask
Staking
Related Posts
Lido fundamentals shine even as the wider crypto market struggles to regain traction
The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26. Lido fees and revenue over time. Lido has collected over $1M in fees every day since October 26th pic.twitter.com/GHkzSzYIOo — DefiLlama.com (@DefiLlama) November 18, 2022 Let’s analyze the on-chain fundamentals to see why this trend has continued. What’s behind Lido Finance’s growth? Lido’s growth started in May 2021, pre-FTX collapse. The fees reached …
Markets / Nov. 21, 2022
Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin
Rounding up the last decade, Ethereum co-founder Vitalik Buterin revisited his predictions made over the years, showcasing a knack for being right about abstract ideas than on-production software development issues. Buterin started the Twitter thread by addressing his article dated Jul. 23, 2013 in which he highlighted Bitcoin's (BTC) key benefits — internationality and censorship resistance. Buterin foresaw Bitcoin’s potential in protecting the citizens’ buying power in countries such as Iran, Argentina, China and Africa. However, Buterin also noticed a rise in stablecoin adoption as he saw Argentinian businesses operating in Tether (USDT). He backed up his decade-old ideas around …
Adoption / Jan. 2, 2022
Here’s why the growth of token staking could be bullish for Lido (LDO)
Liquid staking has grown in popularity over the past year, thanks, in part, to the launch of the Ethereum Beacon Chain and the inability of Ether (ETH) stakers to withdraw their tokens until the full launch of the consensus layer. As a result, Lido (LDO) has established itself as a leader in the liquid staking sector. Lido is one of the main staking protocols for several popular tokens and it allows token holders to earn an extra yield by putting their staked assets to work in decentralized finance (DeFi). Data from Cointelegraph Markets Pro and TradingView shows that the price …
Markets / April 26, 2022
DeFi platforms see profits amid FTX collapse and CEX exodus
A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda. DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last 7-days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals. OpenSea was a distant second place to Ethereum, …
Bitcoin Price / Nov. 16, 2022
Infura is to blame for MetaMask’s violation of the crypto spirit
Censorship resistance is the foundation of crypto, so for many cryptocurrency purists, the Nov. 23 announcement by ConsenSys, the New York-based company behind the leading Ethereum browser wallet, informing its 20 million MetaMask users that their IP and wallet addresses would be collected was simply a gross violation of the crypto spirit. In the weeks that followed, ConsenSys first reacted by saying the data collected would only be retained for seven days and then that it had updated the MetaMask features to allow users to opt out of Infura. However, the question remains: Have they done enough to establish crypto …
Decentralization / Feb. 13, 2023